What does Advance mean?
Advance refers to a payment made upfront to talent (such as actors, writers, or musicians) before a project has been completed or released. The advance is typically an advance against future earnings, meaning that it is deducted from the individual’s royalties or fees once the project generates revenue. Advances are common in publishing, film, and music industries, serving as a guarantee for the artist while the project is in production.
Example:A book publisher offers an author an advance of $50,000 before the book is released, which the author will repay through future book sales.
Example: An actor receives an advance payment for a film role, which will later be deducted from their final earnings once the movie is released.
Did you know?
Advances can vary greatly depending on the project, with some high-profile actors or musicians receiving multi-million-dollar advances!
